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HSBC UAE
Has anyone with HSBC accounts had letters notifying them that the account is to be closed?
We were looking to switch to HSBC but then a friend has been told due to some suspect transactions they are closing his account and he needs to transfer loans, mortgage, credit cards etc... to another bank. He has done nothing wrong, is an EK pilot with no bad history. |
Re: HSBC UAE
Tell him to check the post mark on the letter. It might have come from Nigeria !
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Re: HSBC UAE
Originally Posted by hong_konger
(Post 10688106)
Tell him to check the post mark on the letter. It might have come from Nigeria !
I did hear that HSBC in UAE are looking to wind down private banking, but that does not sound right to me. |
Re: HSBC UAE
Is he Iranian?
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Re: HSBC UAE
Originally Posted by NorthernLad
(Post 10688082)
Has anyone with HSBC accounts had letters notifying them that the account is to be closed?
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Re: HSBC UAE
nothing here either, and I signed a loan with them last week.
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Re: HSBC UAE
Originally Posted by NorthernLad
(Post 10688082)
Has anyone with HSBC accounts had letters notifying them that the account is to be closed?
We were looking to switch to HSBC but then a friend has been told due to some suspect transactions they are closing his account and he needs to transfer loans, mortgage, credit cards etc... to another bank. He has done nothing wrong, is an EK pilot with no bad history. |
Re: HSBC UAE
Originally Posted by Meow
(Post 10688146)
Has he spoken to the bank to ask for an explanation?
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Re: HSBC UAE
Originally Posted by NorthernLad
(Post 10688150)
Yep...and got no sense from them. He has heard from another few people here that they have had similar notifications. All very strange.
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Re: HSBC UAE
ah - I do remember they are closing some non-Premier accounts, and even the Advance ones, because the accounts aren't earning them enough money - i.e. you are keeping the account fairly static and empty of cash which THEY earn interest on
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Re: HSBC UAE
Its possible that it could be related to the upcoming FACTA rules which govern transactions with the USA which could make someone liable to US tax. It really is a minefield with all of the dual nationalities in this region. Some of the GCC banks that I spoke to cannot be a%$ed to deal with all of the reporting so just close potential problem accounts.
I may be wrong, but its just an idea. |
Re: HSBC UAE
Well remembered. I think I posted about that a while back & here's a link to the National story
http://www.thenational.ae/thenationa...r-us-sanctions |
Re: HSBC UAE
Originally Posted by Meow
(Post 10688325)
Well remembered. I think I posted about that a while back & here's a link to the National story
http://www.thenational.ae/thenationa...r-us-sanctions |
Re: HSBC UAE
I'm trying to set an account up with them.....there completely useless, I was warned
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